Bitwise files Spot AVAX ETF with the SEC

Bitwise , a leading global crypto-asset manager, has submitted an S-1 form to the US Securities and Exchange Commission (SEC), pointing out its intentions to create an exchange-traded fund (ETF) to track the native token from the Avalanche Layer 1 ￰0￱ S-1 form indicates the initial registration statement required by the regulatory body for new securities ￰1￱ filing marks Bitwise’s latest effort to expand its crypto ETF offerings beyond existing ￰2￱ will be the acting custodian of these products if the commission approves this ￰3￱ submits a proposal for its Avalanche ETF to the SEC In Bitwise’s S-1 filing dated September 15, the crypto-asset manager mentioned that the Trust allows investors to access the Avalanche market via a regular brokerage ￰4￱ to the firm, this enables them to avoid problems and risks associated with purchasing and holding Avalanche ￰5￱ from that, the company argued that they believed the Trust’s design could assist certain investors in effectively implementing their strategic and tactical asset allocation strategies with ￰6￱ highlighted that this can be achieved by investing in Shares instead of purchasing, holding, and trading ￰7￱ SEC filing disclosed that the fund will determine its net asset value (NAV) depending on the CME CF Avalanche–Dollar Reference Rate, adding that it will retain AVAX tokens directly and will not apply any ￰8￱ the meantime, it is worth noting that to obtain the NAV of an ETF, one needs to calculate the total value of its assets minus any liabilities, then divide it by the number of available shares, which will indicate the value per share of the fund.

Bitwise’s proposal triggers other crypto asset managers to apply for a spot AVAX ETF Bitwise was initially founded in ￰9￱ then, it has positioned itself as a leading international crypto-asset manager offering several crypto investment alternatives, such as crypto index funds and ETFs that track Bitcoin, Ethereum, and other asset management ￰10￱ crypto-asset manager has also achieved other significant milestones this ￰11￱ illustrate, it recently developed an Avalanche trust in Delaware, initiating a first step towards releasing the ￰12￱ Bitwise’s proposal for its Avalanche ETF, it has triggered a trend among other crypto asset manager rivals to apply for a spot AVAX ￰13￱ support this claim, reports from sources have revealed that Grayscale, an asset manager and investment platform, has requested to change its Avalanche Trust into a spot AVAX ETF.

Moreover, VanEck, an asset management company, is considering launching an AVAX ￰14￱ further expand its operations, the Avalanche Foundation made public its intention to raise around $1 billion purposefully to develop two AVAX treasury firms in the US last ￰15￱ foundation stated that these companies will purchase tokens from them at a reduced ￰16￱ is worth noting that digital asset treasuries, similar to ETFs, provide investors with an alternative method of participating in the crypto markets via regular brokerage accounts. Meanwhile, Bitwise has submitted applications requesting to list several single-asset ETFs, including those that can track Chainlink and XRP’s ￰17￱ to data from CoinMarketCap , AVAX is currently trading at $29.54, indicating a 0.25% decrease in the last 24 ￰18￱ seen where it ￰19￱ in Cryptopolitan Research and reach crypto’s sharpest investors and builders.